Why it's important to avoid a default in the United States 1:57

(CNN) -- Cash levels at the U.S. Treasury are falling to a dangerously low level as Washington waits until the last minute to raise the debt ceiling.

At the close of May 25, the Treasury had just $38.800 billion in cash, according to the latest federal data. This figure is down from more than $200 billion at the beginning of the month and is close to the minimum level of $000 billion.

For context, 31 billionaires each have a net worth greater than $38.800 billion in federal government cash, according to the Bloomberg Billionaires Index.

  • This contains the agreement on the debt ceiling in the US.

What is the so-called US debt ceiling? 1:15

Some of them, like fashion mogul Bernard Arnault, own much more. Arnault, chairman of luxury goods maker LVMH, has an estimated net worth of $193 billion. Tesla billionaire Elon Musk has $000 billion and Amazon founder Jeff Bezos has a net worth of $185 billion.

The list of 31 billionaires with net worth greater than Uncle Sam's cash total includes well-known names like Michael Dell, legendary investor Warren Buffett and Facebook co-founder Mark Zuckerberg, as well as billionaires with lower profiles like French billionaire Francois Pinault and Chanel chairman Alain Wertheimer.

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U.S. President Joe Biden and House Speaker Kevin McCarthy reached a bipartisan agreement to suspend the debt ceiling until Jan. 1, 2025.

If Congress does not raise the debt ceiling by June 5, Treasury Secretary Janet Yellen warned that the government will not have enough funds to pay all of the nation's obligations in full and on time.

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